Can I Buy Bitcoin Directly From a Bank?

If you are looking where in your bank account to ‘Buy Bitcoin’ — you won’t find a button that makes it fast or easy.

NO big Canadian banks or brokers directly sell Bitcoin to their customers.

These banks and brokers that are NOT directly selling Bitcoin are:

• BMO
• Questrade
• RBC
• CIBC
• TD
• Wealthsimple
• BMO Investorline

Instead to buy Bitcoin in Canada you need to use a cryptocurrency exchange like Shakepay, Newton or NDAX.

There are a few steps in the process.

A few new accounts to create.

Some new apps to download and a few new things to learn.

But it is something most people should easily be able to do.

MoonBanking.com has a list of Canadian banks and their crypto friendliness.

The basic 3 step process to buy Bitcoin directly in Canada is:

1. Interac e-transfer Canadian $ dollars from bank account to a crypto exchange
2. Download a wallet
3. Exchange and send Bitcoin from exchange to your wallet

After you have setup and verified your exchange accounts, and backed up your wallet seed phrase this process of buying Bitcoin only takes a few minutes.

Stocks & ETF’s

If you are looking for exposure to Bitcoin in your TFSA or other brokerage accounts — check out: Bitcoin Treasuries. A list of ETFs and publicly traded companies stocks / securities that hold or are involved in Bitcoin, blockchain and crypto.